SREI Infrastructure picks up 75% in AP Government's HITVEL

By Staff
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Google Oneindia News

New Delhi, Aug 29 (UNI) Leading infrastructure equipment finance company, SREI Infrastructure Finance Ltd today said it has picked up a 75 per cent stake in Andhra Pradesh Government promoted venture fund HITVEL.

In consonance with the spirit of Public Private Partnership (PPP), the institutional stakeholders in the fund titled HIVE recently invited corporate bodies with rich investment experience to partner HITVEL, its asset management company.

The Andhra Pradesh state institutions accepted the offer from SREI and agreed to divest 76 per cent equity stake in HITVEL, said a company statement.

The shareholders agreement was signed today.

The prominent institutional stakeholders of HITVEL are the Andhra Pradesh Infrastructure Development Corporation (APIDC), Small Industries Development Bank of India (SIDBI) and Andhra Pradesh Infrastructural Industrial Corporation (APIIC) and others.

SREI now plans to reinforce the management team of HITVEL with new strategy and direction given its rich history of investment experience, especially in building and funding of emerging and fast growing infrastructure companies.

SREI Vice Chairman and Managing Director Hemant Kanoria said that given the vast infrastructure funding requirement of nearly 450 billion dollars, neither public nor private sector alone can fulfill this gigantic task ahead. ''It is only through collaboration and partnership between government and private sector companies that massive and urgent need of infrastructure creation in our country can he achieved.'' SREI is a non-banking financial institution (NBFI) with an asset base of more than Rs 4,000 crore.

UNI

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